Asia Market Movers: UK Chancellor Rachel Reeves could boost revenues by imposing a windfall tax on banks

Friday, 29 Aug, 2025 News UK Chancellor Rachel Reeves could boost revenues by imposing a windfall tax on banks Bloomberg carry the report, gated. In brief: UK Chancellor Rachel Reeves could boost revenues by imposing a windfall tax on commercial banks, targeting profits earned from taxpayer-funded deposits at Central Banks PBOC is expected to set the USD/CNY reference rate at 7.1274 – Reuters modelled estimate People's Bank of China USD/CNY reference rate is due around 0115 GMT. The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as Learn more News Japan July Industrial Output -1.6% m/m (exp -1.0%) & Retail sales +0.3% y/y (exp +1.8) Japan July 2025 data: Retail Sales +0.3% y/y expected -0.2%, prior +0.9% +0.3% y/y expected +1.8%, prior +1.9% Industrial Production -1.6% m/m expected -1.0%, prior +2.1% -0.9% y/y (expected -0.6%, pr News Tokyo August 2025 headline CPI 2.6% y/y (2.6% expected) Tokyo headline CPI 2.6% y/y expected 2.6%, prior 2.9% CPI excluding fresh food 2.5% y/y expected 2.5%, prior 2.9% CPY excluding fresh food & energy (a gauge of underlying inflation) +3.1% y/y, the News Japan July Unemployment rate 2.3% (expected 2.5%, prior 2.5%) Japan July Unemployment rate 2.3% expected 2.5%, prior 2.5% Job to applicant ratio 1.22 expected 1.23, prior 1.22 Japan's labour market remains tight. The inflation data was out at the same time. that Central Banks Fed's Waller says interest rates will be cut toward neutral, only question is how quickly Federal Reserve Governor Waller: No set sequence on how fast to cut rates We know we are going toward neutral, just a question of how fast we get there Says tariffs are a tax Says taxes do not raise i Central Banks Trump's Fed pick Stephen Miran hearing to be September 4, US Senate Banking Committee says Trump's Fed pick Stephen Miran hearing to be Sept 4, 10am, US Senate Banking Committee says. The hurry is to get Miran on the Federal Open Market Committee (FOMC) prior to the meeting on September 16 Central Banks Fed's Waller says the time has come to move US interest rates lower Federal Reserve Governor Waller The time has come to move policy to a more neutral stance Would support 25 bps cut at Fed's September meeting Waller says he anticipates additional rate cuts over next Learn more News Financial Times:Canada does not expect Donald Trump to drop all his tariffs on the country The Financial Times is gated, reporting that: Canada does not expect Donald Trump to drop all his tariffs on the country The piece cites unnamed Canadian officials.

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